Copenhagen-based Octarine Bio, a synthetic biology startup developing new colours and sustainable dyeing technologies, has secured €4.35M in a fresh round of funding. This round brings Octarine’s total raised funding, to date, to over €12M.
The investment was led by Danish impact venture capital firm Unconventional Ventures, along with Óskare Capital and The Footprint Firm. dsm-firmenich Venturing also participated in this round.
Thea Messel, co-founder and General Partner at Unconventional Ventures says, “The textile industry must switch to a more aggressive decarbonisation trajectory in order to reduce its contribution to greenhouse gas emissions, water pollution and, ultimately, climate change.”
“Octarine’s ground-breaking technology leads the way in transitioning the industry towards sustainable practices and away from harmful synthetic dyes.”
“With Nethaji and Nick’s expertise, execution power, and visionary leadership, we are confident they will make a lasting impact on the fashion industry, making us a proud backer of Octarine,” adds Messel.
What does Octarine Bio offer?
Founded in 2018 by Nethaji Gallage and Nick Milne, Octarine Bio focuses on synthetic biology and sustainable dyeing technologies to revolutionise the fashion industry by creating new colours.
The company utilises its fermentation-based manufacturing platform to create nature-based dyes in “difficult to source” colours, minimising environmental impact.
Its dyeing process colours fabrics, both natural and synthetic, without harmful chemicals. The plug-and-play approach enables scalability and integration into existing supply chains, promoting sustainability for commercial partners.
Octarine claims to excel in cell-factory engineering and precision fermentation, enabling the creation of custom-made microbes producing various bio-based ingredients like textile dyes, skincare components, and health supplements.
It also uses advanced enzyme technology to modify natural ingredients, improving their properties for commercial use.
These technologies form the foundation of Octarine’s scientific innovation, making natural ingredients accessible on a commercial scale and enhancing their qualities for widespread use.
Tackling textile dyeing industry challenges
Octarine’s OB-CLR addresses environmental and societal challenges in the textile dyeing industry. The company’s colour programme centres on violacein and its derivatives, offering a sought-after and difficult-to-source colour spectrum.
The colours, developed in collaboration with Ginkgo Bioworks, are undergoing rapid advancement.
Alexandre Ouimet-Storrs, President and co-founder of Óskare Capital says, “Óskare Capital scouted and first invested in Octarine three years ago and they have made phenomenal progress since then, expanding its pipeline and validating its platform beyond initial products.”
“The sustainable dye product line is truly ground-breaking, and we hope to see many more innovative products come to market thanks to Octarine’s strong biotech platform.”
How will the funds be utilised?
Octarine Bio plans to use the proceeds for the development and scaling of its flagship products, focusing on optimising colours for commercial use.
Nethaji Gallage, CEO and co-founder of Octarine says, “At Octarine, we are driven by a more sustainable future where pressing environmental and social challenges are met with innovative, game-changing, and sustainable solutions.”
“Octarine’s synthetic biology platform has allowed us to quickly iterate from one ingredient to validate our platform capabilities, and today we collaborate with global industry leaders on the path to commercialisation of our flagship products.”
“We’re thrilled to welcome new investors on our exciting journey, and we’re pleased to receive follow-on investments from existing investors and greatly appreciate their continued support in our commitment to pioneering innovative solutions that can truly transform our world,” adds Gallage.
